MIRA
INFORM REPORT
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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS LIMITED (w.e.f. 1987) |
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Formerly Known
As : |
SIEMENS INDIA LIMITED |
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Registered
Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, |
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Country : |
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Financials (as
on) : |
30.09.2013 |
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Date of
Incorporation : |
02.03.1957 |
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Com. Reg. No.: |
11-010839 |
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Capital Investment
/ Paid-up Capital : |
Rs. 712.000 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1957PLC010839 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS44080B MUMS41513D NSKS06051D MUMS00310C |
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PAN No.: [Permanent Account No.] |
AAACS0764L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Provides technology enabled solutions for the industry, energy,
infrastructure and cities, and healthcare sectors. |
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No. of Employees
: |
11539 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 160000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Siemens AG, Germany. It is a
well-established and a reputed company having and excellent track record. The rating reflects Siemens’ diversified business portfolio, strong
market position, technical and managerial support it receives from its
parent, and its healthy financial risk profile. Trade relations are fair. Business is active. Payments terms are regular
and as per commitments. In view at experienced promoters the company can be considered normal
for business dealing t usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating: AAA |
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Rating Explanation |
Highest degree of safety and carry lowest credit risk. |
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Date |
27.06.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
27.06.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
130, Pandurang
Budhkar Marg, Worli, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22–24987000 /
01 / 02 / 24931349 / 50 |
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Fax No.: |
91-22–24987500 /
52 / 24941758 |
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E-Mail : |
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Website : |
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Plant Locations : |
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Maharashtra : |
· E-76, Waluj, MIDC Area, Aurangabad – 431136, Maharashtra, India · Plot No – A 1/2, Five Star MIDC, Shendra, Aurangabad – 431201, Maharashtra, India · Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik - 422010, Maharashtra, India · Thane - Belapur Road, Thane - 400601, Maharashtra, India · Plot No. R-508 , TTC, Industrial Area, MIDC, Rabale, Thane - 400701, Maharashtra, India · Thane-Belapur Road, Airoli,Navi Mumbai – 400708, Maharashtra, India · Plot No. D-41/1, TTC Industrial Area, MIDC Turbhe, Opposite Turbhe MTNL Exchange, Navi Mumbai - 400705, Maharashtra, India · 1, Kalwa Wks, Thane Road Digha, CBD Belapur, Navi Mumbai – 400708, Maharashtra, India |
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Goa : |
L-6, Verna Industrial Area, Panjim-Margao Highway, Verna, Goa – 403722, India |
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Gujarat : |
· R.S. No: 144, Maneja Village, Opposite Makarpura Railway Station, Vadodara – 390013, Gujarat, India ·
589 Sayajipura, Ajwa Road, Vadodara – 390019, Gujarat,
India ·
Plot B, Halol Phase – II, GIDC Industrial Estate, Village
Chandrapura, Halol, District Panchmahal - 389350, Gujarat, India |
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Andhra Pradesh : |
Plot No. 89 and 90, IDA, Gandhinagar, Post Balanagar, Hyderabad – 500037, Andhra Pradesh, India |
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Karnataka : |
972, Devanahalli Road, Off Old Madras Road, Virgonagar Post, Bangalore - 560049, Karnataka, India |
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West Bengal : |
Nimpura Industrial Growth Centre, PO: Rakhajungle, Paschim Midnapur, Kharagpur – 721301, West Bengal, India |
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Puducherry : |
· MMG Manufacturing Group - Unit -I, R.S No 16/8, Kurumbapet Village, Villianur Commune - 605009, Puducherry, India ·
MMG Manufacturing Group - Unit -II, R.S No 23/2A,
Uruvaiyaru Road, Abishegapakkam – 605007, Puducherry, India |
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Haryana : |
Sector-18, Unit No. 37, Gurgaon – 122002, Haryana, India |
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Tamilnadu : |
309/2, Chettipedy Village, Thandalam Post Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India |
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Sales Offices : |
3rd Floor, Jyoti Mahal, No. 49, St. Marks Road, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-22042000 |
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Fax No.: |
91-80-41120435 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Deepak S. Parekh |
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Designation : |
Chairman |
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Date of Birth/Age : |
18.10.1944 |
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Qualification : |
B. Com, FCA (England and Wales) |
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Date of Appointment : |
07.11.2003 |
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Name : |
Mr. Darius C. Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
08.08.1944 |
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Qualification : |
BA (Hons.), LL.B., Solicitor |
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Date of Appointment : |
20.02.1997 |
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Other Directorships
held in India |
· Avi-Oil India Private Limited ·
Bayer Material Science Private Limited ·
CMP Private Limited ·
Ingersoll-Rand (India) Limited ·
GMM Pfaudler Limited ·
Kulkarni Power Tools Limited ·
Lubrizol India Private Limited ·
SKF India Limited ·
Unifrax India Limited ·
Unifrax India Energy Savings Materials Private Limited ·
Swiss Re Services India Private Limited ·
Warner Bros. Pictures (India) Private Limited |
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Name : |
Mr. Yezdi H. Malegam |
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Designation : |
Director |
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Date of Birth/Age : |
24.09.1933 |
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Qualification : |
CA |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Narendra J. Jhaveri |
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Designation : |
Director |
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Date of Birth/Age : |
09.08.1935 |
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Qualification : |
Masters Degree in Economics from Gujarat University M.Sc. in Economics from The London School of Economics |
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Date of Appointment : |
09.11.2000 |
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Other Directorships
held in India |
· Afcons Infrastructure Limited ·
Pidilite Industries Limited ·
Hindalco Industries Limited ·
Edelweiss Financial Services Limited ·
Juniper Hotels Private Limited ·
Phoenix ARC Private Limited ·
Edelweiss Securities Limited ·
GVFL Limited |
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Name : |
Mr. Keki Dadiseth |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1945 |
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Qualification : |
B. Com., FCA (England and Wales) |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Pradip V. Nayak |
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Designation : |
Director |
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Date of Birth/Age : |
06.09.1943 |
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Qualification : |
Degree in Economics and Politics Read Law at Gray's Inn, London |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Joe Kaeser |
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Designation : |
Director |
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Date of Birth/Age : |
23.06.1957 |
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Qualification : |
Studied Business Administration Dipl.-Betriebswirt |
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Date of Appointment : |
01.10.2006 |
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Name : |
Dr. Roland Busch |
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Designation : |
Special Director (Nominee of Siemens AG) |
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Name : |
Mr. Johannes Apitzsch |
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Designation : |
Director* (Alternate Director for Dr. Roland Busch upto 22nd November, 2013) |
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Name : |
Dr. Armin Bruck |
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Designation : |
Managing Director and Chief Executive Offi cer (upto 31st December, 2013) |
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Date of Birth/Age : |
06.02.1963 |
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Qualification : |
PhD in Operations Research Business Degree in Economics and Informatics |
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Date of Appointment : |
01.10.2007 |
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Other Directorships
held in India |
Siemens Technology and Services Private Limited |
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Name : |
Mr. Sunil D Mathur |
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Designation : |
Executive Director and Chief Financial Offi cer (upto 31st December, 2013) Managing Director and Chief Executive Offi cer (with effect from 1st January, 2014) |
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Name : |
Ms. Mariel von Drathen |
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Designation : |
Director (with effect from 2nd August, 2013) |
KEY EXECUTIVES
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Name : |
Mr. Ketan Thaker |
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Designation : |
Company Secretary |
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Committees of Directors |
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Audit Committee |
· Yezdi H. Malegam - (Chairman) · Deepak S. Parekh · Keki B. Dadiseth · Johannes Apitzsch* ·
Joe Kaeser (upto 22nd November, 2013) |
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Investors Grievance Committee |
· Darius C. Shroff (Chairman) · Pradip V. Nayak ·
Dr. Armin Bruck |
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Remuneration Committee |
· Narendra J. Jhaveri - (Chairman) · Darius C. Shroff · Deepak S. Parekh · Pradip V. Nayak · Joe Kaeser ·
Mariel von Drathen* |
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Corporate
Governance Committee |
· Keki B. Dadiseth - (Chairman) · Deepak S. Parekh · Yezdi H. Malegam · Darius C. Shroff · Joe Kaeser · Dr. Armin Bruck · Dr. Roland Busch · Johannes Apitzsch* |
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Investment
Committee : |
· Deepak S. Parekh - (Chairman) · Yezdi H. Malegam · Pradip V. Nayak · Joe Kaeser · Sunil Mathur · Keki B. Dadiseth · Dr. Roland Busch · Johannes Apitzsch* |
Note: * With effect from 23rd November, 2013
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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267089913 |
75.00 |
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267089913 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
267089913 |
75.00 |
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(B) Public Shareholding |
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|
6497117 |
1.82 |
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|
392233 |
0.11 |
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|
1000 |
0.00 |
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24072503 |
6.76 |
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12672192 |
3.56 |
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|
43635045 |
12.25 |
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|
5360584 |
1.51 |
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|
37251781 |
10.46 |
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|
1550055 |
0.44 |
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|
1232507 |
0.35 |
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|
91225 |
0.03 |
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|
31000 |
0.01 |
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|
1110282 |
0.31 |
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45394927 |
12.75 |
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Total Public shareholding (B) |
89029972 |
25.00 |
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Total (A)+(B) |
356119885 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
356119885 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Provides technology enabled solutions for the industry,
energy, infrastructure and cities, and healthcare sectors. |
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Products : |
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PRODUCTION STATUS [AS ON 30.09.2011]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Switchgear items |
Nos. |
20179114 |
16888811 |
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Electric
motor/generators |
Nos. |
20023 |
23913 |
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Switchboards,
control boards and misc. Accessories |
Nos. [Boards] |
2900 |
2307 |
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X-ray equipment |
Nos. |
1283 |
1409 |
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Electro medical
equipment |
Nos. |
209 |
-- |
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Variable speed AC/DC derive systems, motor control modules and
programmable control systems |
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Modules and programmable control system |
|
6248 |
2315 |
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Instrument Transformers |
Nos. |
2426 |
2111 |
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Static Converter for railways |
Nos. |
610 |
246 |
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Audio frequency track circuit |
Nos. |
900 |
1000 |
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Interlocking relays |
Nos. |
250000 |
105105 |
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Auxiliary inverter for AR locomotive |
Nos. |
180 |
130 |
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Traction converter for diesel locomotive |
Nos. |
72 |
28 |
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Electrical control cabinet |
Nos. |
288 |
68 |
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Circuit breakers
above 1000 volts |
Nos. |
1800 |
1160 |
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Power
Transformers |
MVA |
15000 |
9345 |
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Single stage/
multi stage turbines |
MW |
120 |
73 |
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Traction
Converters for EMU |
Nos. |
180 |
-- |
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Auxiliary
Converters for EMU |
Nos. |
180 |
-- |
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High Frequency
Power Supply |
Nos. |
-- |
-- |
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Digital Axcel
Counter |
Nos. |
300 |
300 |
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Medium |
Nos. |
96 |
20 |
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Ring main unit |
Nos. |
1000 |
461 |
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Compact sub
station |
Nos. |
164 |
125 |
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Gas insulated
switchgear |
Nos. |
600 |
423 |
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Accessories |
Nos. |
23000 |
20319 |
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BMS panels |
Nos. |
2000 |
781 |
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Controllers |
Nos. |
8000 |
6810 |
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Fire detector |
Nos. |
15000 |
9833 |
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Power supply |
Nos. |
4800 |
4599 |
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Signet keypads
and accessories |
Nos. |
45000 |
42809 |
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Gears / gear
couplings / spares |
Nos. |
2500 |
2391 |
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Bogie frames and
parts there of |
Nos. |
525 |
13 |
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Chemical and
immunochemical reagent packs |
Nos. |
1403000 |
559847 |
GENERAL INFORMATION
|
No. of Employees : |
11539 (Approximately) |
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Bankers : |
· Citibank N. A ·
Deutsche Bank AG ·
The Hongkong and Shanghai Banking Corporation Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
State Bank of India |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
S.R Batliboi and
Associates LLP Chartered
Accountants |
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Address: |
14th
Floor, The Ruby, 29 Senapati Bapat Marg, Mumbai – 400028, Maharashtra, India |
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Tel No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Cost Auditors : |
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|
Name : |
R. Nanabhoy and
Company Cost Accountants |
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Holding Company: |
· Siemens AG |
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Fellow
Subsidiaries: |
· Siemens S.A., Argentina · Siemens Spa, Algeria · Siemens Limited, Australia · ETM professional control GmbH, Austria · SAGO dARE Transformers Austria (erstwhile Siemens, Transformers Austria GmbH and Company KG), Austria · SAGOE dARE Plant Rail Systems, Austria · Siemens Aktiengesellschaft Osterreich, Austria · Siemens Convergence Creators GmbH, Austria · Siemens Gebäudemanagement and -Services G.m.b.H., Austria · Siemens VAI Metals Technologies GmbH, Austria · Siemens VAI Metals Technologies GmbH and Company, Austria · Trench Austria GmbH, Austria · Siemens W.L.L., Bahrain · Siemens Bangladesh Limited, Bangladesh · Siemens Healthcare Diagnostics SA, Belgium · Siemens S.A./N.V., Belgium · Siemens Eletroeletronica Limitada, Brazil · Siemens Ltd.a., Brazil · Siemens EOOD, Bulgaria · RuggedCom Inc., Canada · Siemens Hearing Instruments Inc., Canada · Trench Limited, Canada · Siemens Healthcare Diagnostics Manufacturing Limited, Cayman Islands · Siemens S.A., Chile · Beijing Siemens Cerberus Electronics Limited, China · MWB (Shanghai) Company Limited, China · Siemens Circuit Protection Systems Limited, China · Siemens Electrical Apparatus Limited, China · Siemens Electrical Drives (Shanghai) Limited, China · Siemens Electrical Drives Limited, China · Siemens Factory Automation Engineering Limited, China · Siemens Healthcare Diagnostics (Shanghai) Company Limited, China · Siemens High Voltage Circuit Breaker Company, Limited, China · Siemens High Voltage Switchgear Company, Limited, Shanghai, China · Siemens Industrial Automation Limited, Shanghai, China · Siemens Industrial Turbomachinery (Huludao) Company Limited, China · Siemens International Trading Limited, Shanghai, China · Siemens Limited, China, China · Siemens Mechanical Drive Systems (Tianjin) Company, Limited, China · Siemens Medium Voltage Switching Technologies (Wuxi) Limited, China · Siemens Numerical Control Limited, China · Siemens Power Automation Limited, China · Siemens Power Plant Automation Limited, China · Siemens Shanghai Medical Equipment Limited, China · Siemens Shenzhen Magnetic Resonance Limited, China · Siemens Standard Motors Limited, Jiangsu, China · Siemens Switchgear Company Limited, China · Siemens Transformer (Guangzhou) Company, Limited, China · Siemens Transformer (Wuhan) Company Limited, China · Siemens VAI Metals Technologies Company, Limited, Shanghai, China · Siemens Water Technologies Limited, China · Siemens Wind Power Blades (Shanghai) Company, Limited, China · Siemens Wiring Accessories Shandong Limited, China · Siemens X-Ray Vacuum Technology Limited, China · Trench High Voltage Products Limited, Shenyang, China · Winergy Drive Systems (Tianjin) Company Limited, China · Siemens S.A., Columbia · Koncar Power Transformers d.o.o. (erstwhile Koncar Power Transformers · Limited), Croatia · Siemens d.d., Croatia · Siemens Electric Machines s.r.o., Czech Republic · Siemens, s.r.o., Czech Republic · Siemens, s.r.o., odstepny zavod Industrial Turbomachinery, Czech Republic · Siemens A/S, Denmark · Siemens Wind Power A/S, Denmark · Siemens S.A., Ecuador · Siemens Technologies S.A.E, Egypt · Siemens Osakeyhtiö, Finnland · Flender-Graffenstaden SAS, France · Siemens Industry Software SAS, France · Siemens S.A.S, France · Siemens SAS, Division Production Sensors and Communication, Usine de Haguenau, France · Siemens Transmission and Distribution SAS, France · Siemens VAI Metals Technologies SAS, France · Trench France S.A.S, France · Alpha Verteilertechnik GmbH, Germany · evosoft GmbH, Germany · HSP Hochspannungsgeräte GmbHc · LINCAS Export Services GmbH., China · Loher GmbH, Germany · Siemens Bank GmbH, Germany · Siemens Beteiligungen Inland GmbH, Germany · Siemens Geared Motors Gesellschaft mit beschränkter Haftung, Germany · Siemens Gusstechnik GmbH, Germany · Siemens Healthcare Diagnostics Holding GmbH, Germany · Siemens Healthcare Diagnostics Products GmbH, Germany · Siemens Industrial Turbomachinery GmbH, Germany · Siemens Industriegetriebe GmbH, Germany · Siemens IT Solutions and Services GmbH, Germany · Siemens Power Control GmbH, Germany · Siemens Turbomachinery Equipment GmbH, Germany · Siemens VAI Metals Technologies GmbH, Germany · SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH, Germany · TLT-Turbo GmbH, Germany · Trench Germany GmbH, Germany · Weiss Spindeltechnologie GmbH, Germany · Winergy AG, Germany · Electrium Sales Limited, Great Britain · I DT Factory Congleton, Great Britain · Siemens Healthcare Diagnostics Manufacturing Limited, Great Britain · Siemens Healthcare Diagnostics Products Limited, Great Britain · Siemens Industrial Turbomachinery Limited, Great Britain · Siemens Magnet Technology, Great Britain · Siemens plc, Great Britain · Siemens plc, Industry Sector, Metals Technologies, Great Britain · Siemens Protection Devices Limited, Great Britain · Siemens Transmission and Distribution Limited, Great Britain · Siemens VAI Metals Technologies Limited, Great Britain · Eviop-Tempo A.E. Electrical Equipment Manufacturer,s Greece · Siemens Healthcare Diagnostics Limited, Hongkong · Siemens Limited, Hongkong · Compact Automotive Lamp Private Limited, India · eMeter India Private Limited, India · OSRAM Automotive Lamps Private Limited (merged with OSRAM India Private Limited w.e.f. 26 March 2013), India · OSRAM India Private Limited (upto 5 July 2013), India · PETNET Radiopharmaceutical Solutions Private Limited,. India · Powerplant Performance Improvement Limited, India · Siemens Convergence Creators Private Limited, India · Siemens Financial Services Private Limited, India · Siemens Hearing Instruments Private Limited, India · Siemens Industry Software (India) Private Limited, India · Siemens Power Engineering Private Limited (merged w.e.f 1 Oct 2011) India · Siemens VAI Metals Technologies Private Limited (merged w.e.f 1 Oct 2011) India · Siemens Postal Parcel and Airport Logistics Private Limited, India · Siemens Technology and Services Private Limited, India · Winergy Drive System India Private Limited (merged w.e.f 1 Oct 2012) India · P.T. Siemens Indonesia, Indonesia · PT. Siemens Industrial Power, Indonesia · Europlex Technologies (Ireland) Limited, Ireland · Siemens Limited, Ireland · Siemens Medical Solutions Diagnostics Europe Limited, Ireland · Siemens Concentrated Solar Power Limited, Israel · Siemens Israel Limited, Israel · Siemens S. p.A Metals Technologies, Milano · (erstwhile Siemens VAI Metals Technologies S.r.l.), Italy · Siemens S.p.A. Italy · Trench Italia S.r.l. Italy · Siemens Healthcare Diagnostics K.K., Japan · Siemens Japan K.K., Japan · Yaskawa Siemens Automation and Drives Coporation Japan · Siemens TOO, Kazakhstan · Siemens Kenya Limited, Kenya · Siemens Limited Seou,l Korea · Siemens Electrical and Electronic Services K.S.C.C., Kuwait · Siemens Malaysia Sdn. Bhd., Malaysia · Siemens Innovaciones S.A. de C.V. Mexico · Siemens Servicios S.A. de C.V. Mexico · Siemens, S.A. de C.V. Mexico · Siemens Plant Operations Tahaddart SARL, Morocco · Siemens S.A. Morocco · Siemens Nederland N.V. Netherland · Siemens Nederland N.V. - dependent ARE SI,T Netherland · Siemens (N.Z.) Limited, New Zealand · Siemens Limited, Nigeria · Siemens AS, Norway · Siemens L.L.C. Oman · Siemens S.A.C. Peru · Siemens Power Operations, Inc. Philippines · Siemens, Inc. Philippines · Siemens Sp. z o.o. Poland · TurboCare Sp. z o.o. Poland · Siemens S.A. Portugal · Siemens W.L.L. Qatar · Siemens S.R.L. Romania · OOO Siemens, Russia · Arabia Electric Limited (Equipment), Saudi-Arabia · ISCOSA Industries and Maintenance Limited, Saudi-Arabia · Siemens Limited, Saudi-Arabia · Siemens Electronics Assembly Systems Pte. Limited, Singapore · Siemens Healthcare Diagnostics Pte. Limited, Singapore · Siemens IT Solutions and Services Operations Pte. Limited, Singapore · Siemens Pte. Limited, Singapore · Siemens s.r.o. Slovakia · Siemens d.o.o. Slovenia · Siemens (Proprietary) Limited, South Africa · Fábrica Electrotécnica Josa, S.A., Spain · Siemens S.A., Spain · Siemens AB, Sweden · Siemens Industrial Turbomachinery AB, Sweden · Siemens, Security Products, Sweden · Siemens Schweiz AG, Switzerland · Siemens Schweiz AG, Building Technologies Division, International Headquarters, Switzerland · Siemens Limited, Taiwan · Siemens Tanzania Limited, Tanzania · Siemens IT Solutions and Services Limited, Thailand · Siemens Limited, Thailand · Siemens S.A. Tunisia · Siemens Sanayi ve Ticaret A.S. Turkey · Siemens Sanayi ve Ticaret A.S. Gebze RandD Center, Turkey · Siemens Ukraine (erstwhile DP Siemens Ukraine), Ukraine · SD (Middle East) LLC, United Arab Emirates · Siemens LLC ,United Arab Emirates · Morgan Construction Company, USA · Siemens Corporation, USA · Siemens Demag Delaval Turbomachinery, Inc. USA · Siemens Energy, Inc. USA · Siemens Energy, Inc. (US) - Fossil Products (OPP), USA · Siemens Energy, Inc. (US) – Oil and Gas (PT2) ,USA · Siemens Energy, Inc. (US) - Transmission (PPR), USA · Siemens Healthcare Diagnostics Inc. USA · Siemens Industry, Inc. USA · Siemens Medical Solutions USA, Inc. USA · S' Industry – WT, USA · Siemens Water Technologies LLC, USA · SMS Inc. - Customer Solutions Group, USA · Winergy Drive Systems Corporation, USA · Siemens S.A. Venezuela · Siemens Automation Systems Limited, Vietnam · Siemens Limited, Vietnam |
CAPITAL STRUCTURE
As on 30.09.2013
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356983950 |
Equity Shares |
Rs.2/- each |
Rs.714.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356119885 |
Equity Shares |
Rs.2/- each |
Rs.712.000 Millions |
|
|
|
|
|
NOTE:
Shares held by
Holding Company and subsidiary of Holding Company:
255,351,805 (2012: 251,265,128) Equity shares of Rs.2 each, fully paid-up, are held by the Holding Company, Siemens AG, Germany; 11,738,108 (2012: Nil) Equity shares of Rs.2 each, fully paid-up, are held by Siemens VAI Metals Technologies GmbH, a 100% subsidiary of Siemens AG, Germany.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year:
|
Particular |
30.09.2013 |
|
|
Number |
Amount In Millions |
|
|
Shares outstanding at the beginning of the year |
340,295,025 |
681.000 |
|
Shares issued/subscribed during the year |
15,824,860 |
31.000 |
|
Shares outstanding at the end of the Year |
356,119,885 |
712.000 |
During the year, the paid up share capital of the Company increased consequent to the issue of 15,824,785 (2012: Nil) equity shares on the amalgamation of SVAI, SPEL and Winergy and allotment of 75 (2012: 125) equity shares to member upon settlement of a disputed case.
* denotes figures less than a million
Details of
shareholders holding more than 5% shares in the Company as on 30th September:
|
Name of shareholder |
30.09.2013 |
|
|
No. of shares held |
% of Holding |
|
|
Siemens Aktiengesellschaft, Germany and its subsidiary. |
267,089,913 |
75.00% |
|
Life Insurance Corporation of India |
20,247,974 |
5.69% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Details of aggregate number of shares issued for consideration other than cash and bonus shares issued during the period of five years immediately preceding 30 September:
|
Equity shares
alloted as |
30.09.2013 |
|
Fully paid up to the shareholders of Siemens Healthcare Diagnostics Ltd. in accordance with the scheme of amalgamation |
3,134,700 |
|
Fully paid up to the shareholders of Siemens VAI Metals Technologies Pvt. Ltd. in accordance with the scheme of amalgamation |
11,738,108 |
|
Fully paid up to the shareholders of Siemens Power Engineering Pvt. Ltd. in accordance with the scheme of amalgamation |
3,461,538 |
|
Fully paid up to the shareholders of Winergy Drive Systems India Pvt. Ltd. in accordance with the scheme of amalgamation |
625,139 |
Terms / rights attached
to equity shares
The Company has only one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
During the year ended 30 September 2013, the amount of per share dividend recognised for distribution to equity
shareholders is Rs.5 (2012: Rs.6) In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts (if any). The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
712.000 |
681.000 |
681.000 |
|
(b) Reserves & Surplus |
39591.000 |
38922.000 |
37481.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share capital suspense account |
0.000 |
23.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
40303.000 |
39626.000 |
38162.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
837.000 |
1048.000 |
1105.000 |
|
(d) long-term provisions |
2535.000 |
3075.000 |
3004.000 |
|
Total Non-current Liabilities (3) |
3372.000 |
4123.000 |
4109.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
25518.000 |
26542.000 |
22573.000 |
|
(c) Other current
liabilities |
15700.000 |
22079.000 |
21854.000 |
|
(d) Short-term provisions |
13547.000 |
14077.000 |
15035.000 |
|
Total Current Liabilities (4) |
54765.000 |
62698.000 |
59462.000 |
|
|
|
|
|
|
TOTAL |
98440.000 |
106447.000 |
101733.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13559.000 |
13901.000 |
11048.000 |
|
(ii) Intangible Assets |
230.000 |
221.000 |
243.000 |
|
(iii) Capital
work-in-progress |
889.000 |
850.000 |
2195.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
432.000 |
410.000 |
405.000 |
|
(c) Deferred tax assets (net) |
4297.000 |
3176.000 |
1889.000 |
|
(d) Long-term Loan and Advances |
6164.000 |
5341.000 |
4713.000 |
|
(e) Other Non-current assets |
6705.000 |
7773.000 |
5471.000 |
|
Total Non-Current Assets |
32276.000 |
31672.000 |
25964.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9334.000 |
9431.000 |
8078.000 |
|
(c) Trade receivables |
37668.000 |
39124.000 |
36288.000 |
|
(d) Cash and cash
equivalents |
6038.000 |
9768.000 |
12750.000 |
|
(e) Short-term loans and
advances |
4909.000 |
5690.000 |
8995.000 |
|
(f) Other current assets |
8215.000 |
10762.000 |
9658.000 |
|
Total Current Assets |
66164.000 |
74775.000 |
75769.000 |
|
|
|
|
|
|
TOTAL |
98440.000 |
106447.000 |
101733.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
113526.000 |
129199.000 |
120289.000 |
|
|
|
Other Income |
345.000 |
575.000 |
1047.000 |
|
|
|
TOTAL (A) |
113871.000 |
129774.000 |
121336.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
26056.000 |
25984.000 |
20965.000 |
|
|
|
Purchase of traded goods |
23629.000 |
24398.000 |
23612.000 |
|
|
|
(Increase) / decrease in inventories of finished goods, work-in-progress and traded goods |
224.000 |
(1014.000) |
(823.000) |
|
|
|
Project bought outs and other direct costs |
35459.000 |
49110.000 |
46046.000 |
|
|
|
Employee benefits expense |
13524.000 |
11959.000 |
9174.000 |
|
|
|
Other expenses |
10427.000 |
9849.000 |
7964.000 |
|
|
|
Exceptional item |
(325.000) |
1200.000 |
0.000 |
|
|
|
Prior period items |
0.000 |
799.000 |
0.000 |
|
|
|
TOTAL
(B) |
108994.000 |
122285.000 |
106938.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4877.000 |
7489.000 |
14398.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
189.000 |
270.000 |
127.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4688.000 |
7219.000 |
14271.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2502.000 |
2010.000 |
1522.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2186.000 |
5209.000 |
12749.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
246.000 |
1777.000 |
4295.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1940.000 |
3432.000 |
8454.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6110.000 |
4771.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Balance of Profit and Loss account brought forward due to
the amalgamation of Companies |
134.000 |
705.000 |
(110.000) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
194.000 |
343.000 |
1200.000 |
|
|
|
Dividend |
1781.000 |
2112.000 |
2042.000 |
|
|
|
Tax on Dividend |
303.000 |
343.000 |
331.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5906.000 |
6110.000 |
4771.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods Direct on FOB basis |
5101.000 |
3283.000 |
3733.000 |
|
|
|
Project Business (Based on Actual Billing) |
7128.000 |
14067.000 |
21647.000 |
|
|
|
Commission |
570.000 |
326.000 |
483.000 |
|
|
|
Service charges and others |
2672.000 |
1141.000 |
471.000 |
|
|
TOTAL EARNINGS |
15471.000 |
18817.000 |
26334.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials, components, spare parts and traded goods |
34869.000 |
39859.000 |
34870.000 |
|
|
|
Capital Goods |
445.000 |
1031.000 |
927.000 |
|
|
TOTAL IMPORTS |
35314.000 |
40890.000 |
35797.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.45 |
9.75 |
24.95 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
1.70
|
2.64
|
6.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.93
|
4.03
|
10.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.36
|
5.11
|
13.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.42
|
0.13
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.99
|
1.19
|
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||
|
HIGH COURT OF BOMBAY |
|||||||
|
Bench:- Bombay |
|
||||||
|
Stamp No:- |
ARBPL/1486/2013 |
Failing Date:- |
04.09.2013 |
|
|
|
|
|
|
|||||||
|
Petitioner:- |
IVRCL LIMITED |
Respondent:- |
SIEMENS LIMITED |
||||
|
Petn.Adv:- |
S. I JOSHI ND COMPANY |
||||||
|
District:- |
Mumbai |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION CT |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR D-INTERIM RELIEF 90ORGININAL SIDE MATTERS |
||||
|
Last Date:- |
21.11.2013 |
|
|||||
|
Coram: |
· HON’BLE SMT. JUSTICE R S DALVI |
||||||
|
|
|
||||||
|
Act:- |
Arbitration and Conciliation Act.1996 |
||||||
OPERATIONS
The Turnover of the Company decreased by approximately 12% and stood at Rs.113526.000 millions as compared to Rs.129199.000 million in the previous year. The Company’s Profit from Operations for the year ended 30th September, 2013 was Rs.1705.000 million as compared to Rs.6903.000 million in the corresponding period of the previous year.
The Profit after Tax was Rs.1940.000 millions, compared to Rs.3432.000 millions during 2011-12.
AMALGAMATIONS AND
DIVESTMENT
a. Amalgamation of Siemens Power Engineering Private Limited (SPEL) and Winergy Drive Systems India Private Limited (Winergy) with the Company
Key details of the aforesaid amalgamations are summarised as follows:
|
Particulars |
SPEL |
Winergy |
|
High Court Order date |
Bombay : 2nd November, 2012 Punjab and Haryana : 23rd November, 2012 |
Bombay : 22nd March, 2013 Madras : 18th February, 2013 |
|
Appointed Date |
1st October, 2011 |
1st October, 2012 |
|
Effective Date |
1st January, 2013 |
31st March, 2013 |
|
Share Exchange Ratio |
6 Equity Shares of Rs.2 each of the Company for every 13 Equity Shares of Rs.10 each of SPEL |
1 Equity Share of Rs.2 each of the Company for every 72 Equity Shares of Rs.10 each of Winergy |
|
Equity Shares issued |
3,461,538 to Siemens Aktiengesellschaft, Germany |
625,139 to Siemens Aktiengesellschaft, Germany |
|
Date of Allotment of new Equity shares |
5th February, 2013 |
24th May, 2013 |
Sale and transfer of
Postal and Parcel Logistics Technologies and Airport Logistics Technologies
businesses (LAS business)
Pursuant to the approval granted by the Members by way of Postal Ballot on 18th September, 2013, the LAS business of the Company was sold and transferred as a going concern on a slump sale basis to Siemens Postal Parcel and Airport Logistics Private Limited, a new 100% subsidiary of Siemens Aktiengesellschaft, Germany with effect from the close of business hours of 30th September, 2013, for a consideration of Rs.1285.000 million and recorded profit of Rs.1146.000 millions, which forms part of exceptional items.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
GENERAL PERFORMANCE
REVIEW
India’s gross domestic product (GDP) growth dropped to a four-year low of 4.4 per cent in the April-June quarter of 2013, one of the lowest growth periods in the last decade. The major factors contributing to this low rate of growth were high interest rates, weakening demand and uncertain economic conditions. Interest rates in general remained elevated during the financial year 2012-13, dampening both consumption as well as investment demand. The latest Index of Industrial Production data was also disappointing, registering a growth of 0.6% in August 2013. The uncertain economic conditions were reflected in the fact that major infrastructure and power projects remained stalled during the year due to delayed decision-making and issues related to land acquisition, environmental clearances, liquidity and availability of raw material. According to Reserve Bank of India, the business confidence in India remains weak with companies scaling down their investment plans.
In addition, the past year witnessed volatility in commodity prices and exchange rates. This in turn affected India’s current account deficit and consequently led to further liquidity tightening measures by the Reserve Bank of India. The Indian Rupee depreciated by almost 18 percent for the period October 2012 to September 2013, touching a low ofRs.68.4 per US dollar in August 2013, with the volatility adding to the uncertainty in the business environment.
Siemens Limited’s results during financial year 2012-13 were also impacted due to these factors. New orders were up by 7% at Rs.109573.000 Millions in financial year 2012-13, compared with Rs.102351.000 Millions in financial year 2011 12. Sales were down by 12% to Rs.111452.000 Millions, compared with Rs.127081.000 v in financial year 2011-12, while profit after tax (PAT) was down by 43% at Rs.1940.000 Millions compared with Rs.3432.000 Millions in financial year 2011 12.
ENERGY SECTOR
The power segment continued to face issues related to land acquisition, environmental clearances, power tariffs and fuel linkages. During the financial year 2012-13, the market for power equipment was characterized by sharply reduced demand, overcapacities and consequently lower prices. Despite these challenges, the Energy Sector was in a position to retain its overall market share. During the financial year, the Energy Sector set up Global
Engineering Centres for Compressors and Oil and Gas Solutions businesses in Mumbai and Coimbatore respectively. The Sector won an order worth Rs.660.000 Millions from National Thermal Power Corporation Limited to modernise its Korba Stage II plant. It also won an order worth Rs.1044.000 v from Bangladesh Steels Re-Rolling Mills Limited (BSRM), the largest steel manufacturing company in Bangladesh, to build a Gas Insulated Switchgear (GIS) substation. This is the first private sector-funded GIS substation project and the largest order size in the GIS segment in Bangladesh.
Among other milestones, the Sector handed over the Unosugen combined cycle power plant in India to the customer, Torrent Power Limited The state-of-the-art and environmentally-friendly fossil fuel-fi red power plant has an installed capacity of approximately 380 megawatts (MW) and an efficiency level of 57 percent, one of the highest in India. The Sector also successfully designed and developed, in collaboration with the parent company Siemens AG, a 1200kV double-break disconnect or, the highest-rating disconnect or in India, at its factory in Hyderabad. During the financial year 2012-13, the Company completed the amalgamation of Siemens Power Engineering Private Limited, a 100% subsidiary of Siemens AG. For financial year 2012-13, the new orders were up by 15% to Rs.31210.000 Millions, sales fell by 24% to Rs.39370.000 Millions, while profits from operations were Rs.460.000 Millions.
OUTLOOK
The investment climate in the power sector is expected to remain subdued and projects are expected to get delayed due to various prevailing factors such as lack of fuel supply, delayed statutory clearances, liquidity constraints and land acquisition issues. The recent clearance of 28 stalled power and infrastructure projects involving an investment of Rs.500000.000 Millions is a positive sign. However, further actions will be required to drive the investment in the sector. The Energy Sector has been gearing up to meet this challenging market situation by focusing on improving the cost position and strengthening the Sector’s competitive edge.
HEALTHCARE SECTOR
The growth of the overall healthcare market is directly linked to the growth of the economy as a majority of healthcare costs are paid for ‘out-of-pocket’ by patients – a fact attributed to the low penetration of insurance services in India. The Healthcare Sector was also affected by the exchange rate fluctuation.
Among the highlights of the financial year 2012-13, The Healthcare Sector received a major order from Sir HN Hospital and Research Centre, Mumbai (Reliance) for the complete imaging package including Computerized Tomography (CT) scan, Magnetic Resonance Imaging, Cath Labs and other imaging equipment such as Ultrasound and X-ray. Additionally, NM Medical, a diagnostic imaging chain with a pan-India presence, selected Siemens MAGNETOM Spectra 3T MRI scanner for installation in its new diagnostic center at Sancheti Hospital in Pune. This will be one of the first installations of Magnetom Spectra with the newly introduced 3T MRI in the country. Other major highlights include the installation of India’s first simultaneous PETMRI at Indraprastha Apollo Hospital, New Delhi and Somatom Definition Edge, the newly-introduced Cardiac CT scanner, at PSG Hospital, Coimbatore.
Other new solutions launched during the financial year include the Perspective 128 Slice CT system which consumes lower power and is easy to install; the Freestyle ultrasound system that features a wireless hands-free probe; and the X700 Economy ultrasound with high-end features. In spite of the challenging macro-economic conditions, for financial year 2012-13, the new orders were up by 17% to Rs.12370.000 Millions, sales grew by 3% to Rs.11150.000 Millions, while profits from operations were Rs.310.000 Millions.
OUTLOOK
The Healthcare Sector provides end-to-end solutions including diagnostics, imaging and therapy. With the market for healthcare services expected to grow in moderation, the Sector will seek to increase market penetration for its range of solutions by expanding its distribution channels and customer interface points. In addition, cost optimisation, profitability enhancement and strengthening the organisation’s capabilities will remain key focus areas.
INDUSTRY SECTOR
During the financial year 2012-13, the Industry Sector was affected by issues such as lower capital investments by customers across verticals which led to delays in project closures and in the finalisation of new projects. Reduced access to capital, fluctuating exchange rates and consistently high interest rates further pushed up the cost of capital across key industry verticals. The Original Equipment Manufacturers, one of the key sales channel for the Industry Sector, were also affected by the slowdown which resulted in low order backlog and pile up of finished goods inventory.
Customer segments such as Food and Beverages, Cement and Chemical showed positive signs whereas Automobile, Metals, Power and Mining showed a decline. During the financial year 2012-13, Industry Sector received an order worth Rs.2710.000 Millions from the Rashtriya Ispat Nigam Limited (RINL) to modernise blast furnace No. 2 at Visakhapatnam Steel Plant (Vizag Steel). The Sector also signed a three-year Memorandum of Understanding with Steel Authority of India Limited whereby SITRAIN, the Industry Sector’s training services unit, will provide technical training to all personnel of SAIL Plants involved in projects, maintenance and other technical departments.
Among other highlights of the financial year, the Industry Sector launched SMART@MT packages for the metals industry such as electric arc furnace and circular pelletization technology, expanding the SMART (simple-to-use, maintenance-friendly, affordable, reliable and timely-to-market) portfolio of locally designed and manufactured solutions for the steel industry.
The Sector also launched SIMATIC PCS 7 CPU410-5H Process Controller – the fastest and the most powerful process controller in the Indian market. Other key product launches were S7-1500 Programmable Logic Controller for medium to high-end machine and plant automation, and SINAMICS V20 inverter for standard applications in India. With an aim to improve customer proximity and showcase its offerings for the small and medium enterprises, the Sector launched a mobile road show called “Siemens Productivity Tour” covering 204 locations in 86 cities. It also organized over 100 in-plant seminars across India to promote energy efficiency through the use of IE2 and IE3 efficiency class low voltage motors.
During financial year 2012-13, the Company completed the amalgamation of Winergy Drive Systems India Private Limited For financial year 2012-13, the new orders were down by 9% to Rs.30480.000 Millions, sales fell by 11% to Rs.33440.000 Millions, while profits from operations were at Rs.240.000 Millions.
OUTLOOK
The Industry Sector expects a continued moderation in demand. With key Original Equipment Manufacturers focusing on cost reduction due to various factors such as inflation, fluctuating exchange rates and high interest rates, the sector will continue to face pressure on costs. Demand is expected to be driven through initiatives taken by various industry verticals for modernising their manufacturing systems. These initiatives are aimed at improving productivity and efficiency while saving energy consumption. The Industry Sector will continue to tap new opportunities in the product business as well as value-added services such as plant maintenance.
OUTLOOK FOR SIEMENS LIMITED.
Siemens Limited operates in all the areas that contribute to modernising infrastructure, and has solutions for the entire energy matrix (generation, transmission and distribution), intra-city and inter-city mobility, industrial automation and healthcare.
The Company has a strong, established local manufacturing footprint with RandD facilities that has helped position Siemens Limited as a technology provider of choice for customers in India. The bundle financing solutions offered by Siemens Financial Services Private Limited, a non-banking finance company and a wholly-owned subsidiary of Siemens AG., are also an added advantage. On the basis of these strengths, the Company expects profitable and sustainable growth in the future.
However, to drive the growth of the overall economy, it is imperative that concrete steps are taken by the government, which will create an environment for increased capital expenditure across verticals. The revival of large stalled projects and the pipeline cleared by the Project Monitoring Group and the Cabinet Committee on Investment recently may sustain investment and overall activity during the next financial year.
SEGMENT INFORMATION:
The primary and secondary reportable segments are business segments and geographical segments respectively.
Business Segments: The business of the Company is divided into four segments. These segments are the basis for management control and hence, form the basis for reporting. The business of each segment comprises of:
· Infrastructure and Cities:- Provides Electrical Installation Technologies, i.e. Products for Building, e.g. Miniature Circuit Breakers, Distribution Boards, Residual Current Circuit Breakers etc. It also provides solutions for rail automation, railway electrification, light and heavy rail, locomotives, trains, turnkey projects and integrated services. Also provides solutions for the automation of power grids to products like medium voltage switchgear and components.
· Industry:- Provides complete range of automation products and systems, industrial automation systems and low voltage switchgears, complete range of large and standard drives and motors, special purpose motors, process and motion control systems. Also undertakes turnkey projects in the industrial and infrastructure sectors over the entire life cycle including concept, engineering, procurement, supplies, installation, commissioning and
· after sales services.
· Energy:- Offers highly efficient products and solutions for power generation based on fossil fuels. It ranges from individual gas and steam turbines and generators, to turnkey power plants. Also offers customers products and solutions used for the extraction, conversion and transport of oil and gas. Also provides solutions for power generation and distribution including products and solutions in the high-voltage field – such as High Voltage Direct Current (HVDC) transmission systems, substations, switchgear and transformers.
· Healthcare:- Provides diagnostic, therapeutic and life-saving products in computer tomography (CT), magnetic
· resonance imaging (MRI), ultrasonography, nuclear medicine, digital angiography, patient monitoring systems, digital radiography systems, radiology networking systems, lithotripsy and linear accelerators.
Geographical Segments: The business is organised in two geographical segments i.e. within India and outside India
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90229627 |
19/04/2010 * |
21,660,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A85386936 |
|
2 |
90103749 |
11/10/2001 * |
40,000,000.00 |
BANK OF BARODA |
R.C. DUTT ROAD,
ALKAPURI BRANCH, BARODA, GUJARAT, |
- |
|
3 |
90227321 |
26/12/1972 |
127,500,000.00 |
AMERCAN EXPRESS BANK LIMITED |
364 DADABHAI
NAOMJI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2013 |
30.09.2012 |
|
Income tax (excluding interest) |
201.000 |
159.000 |
|
Excise / sales tax liabilities, under dispute |
1945.000 |
1804.000 |
|
Customs liabilities, under dispute |
120.000 |
120.000 |
|
Claims against the company not acknowledged as debts |
105.000 |
149.000 |
FIXED ASSETS
v
Tangible
Assets
Land
Building
Plant
and Machinery
Furniture
Fittings and Office Equipment’s
Vehicles
v
Intangible Assets
Goodwill
Technical
Know-how
PRESS RELEASES
SIEMENS INTRODUCES CUTTING-EDGE PATIENT CARE TECHNOLOGY WITH TWO NEW
SOLUTIONS - BIOGRAPH MCT FLOW AND SYMBIA INTEVO.
MUMBAI, 2013-DECEMBER-12
Continuous FlowMotion PET/CT, Biograph mCT Flow, takes routine image quality to a new level by enabling imaging protocols based on the organ’s need. Symbia Intevo comes with a unique xSPECT Quant feature enabling quantitative information for better tumor assessment.
Siemens Healthcare in India introduced two cutting-edge technology solutions, further strengthening its portfolio of offerings for healthcare service providers in India. The two new solutions are Biograph mCT Flow and Symbia Intevo. The solutions were launched at SNMICON 2013 held in Mumbai on December 12, 2013.
Biograph mCT Flow is the first positron emission tomography/computed tomography
(PET/CT) system that moves the patient through the gantry while continuously
acquiring PET data in lieu of sequential static acquisitions. Symbia Intevo is
the world’s first xSPECT system, a new modality that integrates the full data
sets of both single-photon emission computed tomography (SPECT) and computed
tomography (CT). It provides quantitative images for highly reliable monitoring
and evaluation of treatment response.
“At Siemens Healthcare, our mission is to innovate to advance human health. The
Biograph mCT Flow and Symbia Intevo solutions are excellent examples of living
this mission. With unique features that boost image quality and dose reduction,
both Biograph mCT Flow and Symbia Intevo provide enhanced patient comfort while
helping distinguish between malignancies and degenerative diseases,” said Mr. K
N Sudhir, Business Head-Molecular Imaging, Siemens Healthcare, India.
Biograph mCT Flow:
Biograph mCT Flow – a groundbreaking new PET/CT system, for the first time ever, overcomes the limitations of conventional bed-based PET/CT with FlowMotion, a revolutionary new technology that moves the patient smoothly through the system’s gantry, while continuously acquiring PET data. Biograph mCT Flow with FlowMotion takes routine image quality to a new level by enabling imaging protocols based on the organ’s need. FlowMotion expands accurate and reproducible quantification in all dimensions for precise disease characterization in therapy monitoring, while enabling physicians to offer as low as reasonably achievable (ALARA) dose to every patient. Additionally, the combination of a 78 cm bore with five-minute ultra fast scanning and a continuous sense of progress throughout the scan provides the patient with a more comfortable exam experience.
Symbia Intevo:
In conventional SPECT/CT imaging, the SPECT image has always been reconstructed using SPECT's low-fidelity frame of reference. For this reason, the CT resolution has been downgraded dramatically to the level of SPECT to enable the mechanical fusion of both datasets.Siemens’ new xSPECT modality reconstructs both the SPECT and CT portions of the image using the high CT frame of reference for precise, accurate alignment that facilitates the extraction and deep integration of medically relevant information.This ability is also the basis for differentiat-ing between tissue boundaries in bone imaging. With the xSPECT Bone feature, physicians can provide additional support for detection and distinguishing between cancerous lesions and degenerative disorders.
Symbia Intevo’s precise alignment of SPECT and CT provides physicians with
essential volume-tric information from the CT scan, enabling accurate,
consistent and reproducible quantification—a numerical indication of a tumor’s
level of metabolic activity. With the xSPECT Quant feature, the physician can
apply quantitative information to aid in the assessment whether a patient's
course of treatment has regressed, stabilized or grown—an assessment that is
difficult to make with a purely visual assessment of the tumor.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.98 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
78 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.